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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1414 State St Olean, NY 14760

    • Manufacturing properties
    • 239,900 SF
    • 8.40 lot acres
    For Lease
    View listing
    $4 SF/Yr
    Value Estimations
    $610,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2965355
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Crandalls Memorials / Monument Maker
    • Spectrum Supplements, Inc. / Distribution Service

    Property Details for 1414 State St

    Year built
    1942
    Lot size
    8.40 lot acres
    Property size
    239,900 SF
    Property type
    Manufacturing properties
    APN
    041200 94.075-5-11
    APU
    4120094075511

    Description

    This expansive industrial property in Olean, NY, offers 276,444 square feet of manufacturing and warehouse/distribution space, available for lease in units ranging from 3,000 to 276,444 contiguous square feet. The entire 276,444 square foot building is currently vacant. Situated on an 8.4-acre lot, this facility boasts impressive features including 16' to 24' ceiling heights, three truck-level doors, and ample parking for approximately 200 vehicles. The property also includes a 10,000+ square foot air-conditioned office area. Built in 1942, the building features a rubber membrane roof, concrete floors, a fully sprinklered system, a back-up generator, and a security system. Heavy industrial power and rail access are available, along with an on-site switch and transformer. The property is zoned EZ (Empire Zone), providing access to development incentives and tax benefits. Its strategic location offers easy access to I-86 Southern Tier Expressway (Exit 17), making it ideally situated to serve Western New York, Northern Pennsylvania, and Southern Ontario, Canada. An adjacent 10.5-acre parcel with rail access and two smaller buildings (approximately 5,000 square feet total) is also available for separate purchase. This parcel features 718+ feet of frontage on East State Street and 621+ feet of frontage on North Clark Street. This property is perfect for a variety of manufacturing, distribution, and office uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $610,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Olean
    County
    Cattaraugus
    State
    New York
    Longitude
    -78.4034
    Latitude
    42.0722
    CBSA code
    36460
    CBSA name
    OLEAN, NY MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $168,000
    $407,000
    $575,000
    -
    $215,384
    $521,795
    $737,179

    Comparable in this City

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      $250,000
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      View Details
    • Value Estimation
      $280,000
      21.66 Acres

      1648 Dugan Rd

      MANUFACTURING (LIGHT) • 21.66 Acres
      1648 Dugan Rd, Olean, NY 14760-9527
      View Details
    • Value Estimation by Request

      1601 Johnson St

      MANUFACTURING (LIGHT)
      1601 Johnson St, Olean, NY 14760-1127
      View Details
    • Value Estimation
      $345,000
      2.15 Acres

      1648 Dugan Rd

      MANUFACTURING (LIGHT) • 2.15 Acres
      1648 Dugan Rd, Olean, NY 14760-9527
      View Details
    • Value Estimation
      $1,640,000
      8,080 SF

      1760 Haskell Rd

      MANUFACTURING (LIGHT) • 8,080 SF
      1760 Haskell Rd, Olean, NY 14760-9756
      View Details
    • Value Estimation
      $670,000
      36,463 SF

      1116 State St

      MANUFACTURING (LIGHT) • 36,463 SF
      1116 State St, Olean, NY 14760-3814
      View Details

    Similar Nearby for Sale

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      Olean Industrial Warehouse - $299,999

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      Olean Warehouse/Office Building on Route 16

      23,112 SF warehouse/office on 3.13 acres near Route 16.
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    Similar Nearby for Lease

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    • $4 SF/Yr
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      Olean Industrial Facility For Lease

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      1414 State St, Olean, NY 14760
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      Versatile Commercial Property, Olean, NY

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      Versatile Commercial Property on Route 16

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    • $14,000 /Mo
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      Turnkey Restaurant & Event Space

      Ready-to-go restaurant and entertainment venue with wow factor.
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      View Details
    • Contact for pricing

      Regional Mall Retail Space Available

      Retail spaces available in regional mall with high traffic.
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      View Details
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    Olean, NY 14760
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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